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Packer backs China's path

Greg Roberts

Billionaire James Packer is keen to do more business in China - possibly with Kerry Stokes - and says while he prefers democracies, the Chinese government is doing the right thing by its people.

Mr Packer also predicted massive opportunities in Chinese films while appearing via a video interview at the Australia in China's Century conference in Melbourne.

He is one of Australia's richest people through gaming and one of its largest investors in China through his stake in two Macau casinos - with a third being built - and a major stake in the SEEK jobs website company.

He said he had prospered in China because the gaming and employment industries were perfectly located and he had had the right partners, which was the key.

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He would ask current partner casino owner Lawrence Ho to be his partner again and would also love to join Kerry Stokes, who is heavily involved in China supplying Caterpillar mining equipment through his WesTrac business and through a stake in the Agricultural Bank of China.

"Absolutely I would love to do business with Kerry in China, he has deep relationships there and I want to do more things with Kerry Stokes full stop."

Mr Packer's film production venture with filmmaker Brett Ratner RatPac signed a $450 million deal last September to help fund up to 75 films over four years.

"It doesn't take much imagination to envisage a situation where the Chinese entertainment industry continues to grow," he said.

"There is a massive roll out of multiplexes in China now, the Chinese people obviously enjoy Chinese culture.

"I am hoping RatPac figures out a way to look at doing things."

Mr Packer said he had no problem with a Chinese government crackdown on gaming and corruption in Macau, although he disagreed with the suggestion of Macau being crime-ridden.

"It is a misnomer that Macau is a place where money gets funnelled from illegal sources, that is not our experience," he said.

He said the Chinese government should be given recognition for taking 500 million people into the middle class and out of poverty.

"What is the role of government? I think it is to raise the living standards of its population... if that is its job, it's done very well for a lot of people whether or not the Chinese political system is one you favour.

"I want to live in a democracy and my kids are growing up in America."